Project #2749 - Operations Management

 

1.  Logan, Ltd. makes two products, tables and chairs, which must be processed through assembly and finishing departments. Each table requires 5 hours to assemble and 3 hours to finish, but each chair requires 2 hours to assemble and 5 hours to finish. Assembly department has 80 hours available, and finishing department can handle up to 90 hours of work. The company wants to see at least 5 chairs produced during the production. The production of chairs should be more than or equal to the production of tables. Each table yields a profit of $8, and each chair can be sold for a profit of $4.

a. Show the feasible region graphically (Draw a graph by using MS WORD).

b. What are the extreme points of the feasible region?

c. Find the optimal solution using the graphical method.

d. Are there any slack values? Are there any surplus values?

e. Compute the shadow prices of each constraint.

2.  Scott Armstrong, the managing editor of Your Horoscope magazine, needs to develop a forecasting system for monthly newsstand sales in order to schedule press runs. Sales in thousands of copies for the first 7 months of publication were:

Year

Month

Sales

2012

August

70

 

September

75

 

October

85

 

November

82

 

December

90

2013

January

82

 

February

88

Scott does not believe there is a seasonal pattern. He is considering three different forecasting models: three-period moving average, simple exponential smoothing with, and time series regression (i.e., trend projection). Determine the best forecasting model among the above three methods, and develop a forecast for March 2013. Use the first four  months as the warm-up sample period and the remaining months as the forecasting sample period. The criteria of measuring forecast accuracy to be used are Bias, MAD, MSE, and MAPE. Refer to the PP slides for this problem.

Please summarize your step-by-step results in MS WORD file format,

Subject Business
Due By (Pacific Time) 02/28/2013 08:00 pm
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